The new year is an ideal time to reset, refresh and make sure your estate plan still matches your goals. You may think that because your will is already completed, no further work is needed. However, an annual review of a few focused areas can reveal whether updates are necessary to ensure your plan still reflects your wishes and remains aligned with your current life circumstances.
Review Your Beneficiary Designations
Begin by reviewing the beneficiaries named in your will as well as those listed on life insurance policies, retirement accounts and payable-on-death (POD) or transfer-on-death (TOD) accounts. Life events—marriage, divorce, death or the birth of children—can make prior designations outdated. Because account-level beneficiaries override your will, it is essential that both align with your current intentions. Ensuring these match helps prevent assets from going to the wrong person.
Evaluate Your Fiduciaries
Next, review the individuals or institutions you have named as executor, trustee, guardian for minor children and agents under your medical and durable powers of attorney. People move, relationships shift and circumstances evolve. Confirming your fiduciaries remain appropriate ensures your wishes can be carried out smoothly and without disruption.
Update Your Asset Information
Maintain an organized list of your assets, including financial institutions, account types, real estate, business interests and insurance policies. Clear and updated information helps your executor administer your estate efficiently and reduces the risk of overlooked or unclaimed assets.
Address Digital Assets and Passwords
Finally, review your digital life. Update password managers, confirm who has access to essential information and ensure your estate documents reference digital assets, such as online banking, cloud storage and social media.
A quick yearly checkup creates peace of mind and ensures your estate plan continues to protect your family when it matters most.
Attorney Samantha Stevenson is an attorney at Hammerle Morris Law Firm, a boutique law firm offering services in estate planning, probate, guardianship, business law, litigation, and real estate. Contact her at (972) 436-9300. This article does not constitute as legal advice.
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